The Luxembourg government this week approved the draft bill on UCITS IV, ahead of its proposed introduction in July 2011. The key recommendations in the bill include the introduction of a master/feeder structure and the management company passport. Cross border distribution procedures have also been simplified. Luxembourg is competing with Dublin and Malta to become Europe’s key hub for Ucits IV and the speed with which its government has acted has been greeted with applause by the Association of the Luxembourg Fund Industry (Alfi). “The Luxembourg authorities have taken a very proactive approach to the introduction of Ucits IV,” Alfi Chairman Claude Kremer (pictured) told the press. “The speed of the process and the introduction of these new measures clearly demonstrate once again Luxembourg’s vigorous support of the European fund industry.”